Conceptual and pr - Study guides, Class notes & Summaries

Part I Introduction to the law of delict This chapter serves as a general introduction to the law of delict. Topics dealt with are the nature of a delict and its place in the legal system; the distinction between this phenomenon and breach of contract and crime; the historical development of delictual liability; and the influence of the constitutional Bill of Rights on the law of delict. Chapter 1 General introduction 1 Delict: general nature and place in the legal system The...

CHAPTER 11 DEPRECIATION, IMPAIRMENTS, AND DEPLETION IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Description T 1. Nature of depreciation. F 2. Nature of depreciation. T 3. Depreciation, depletion, and amortization. T 4. Definition of depreciation base. F 5. Factors involved in depreciation process. F 6. Definition of inadequacy. T 7. Objection to straight-line method. F 8. Units-of-production approach. F 9. Accelerated depreciation method. T 10. ...

CHAPTER 22 ACCOUNTING CHANGES AND ERROR ANALYSIS TRUE-FALSE—Conceptual Answer No. Description F 1. Change in accounting estimate. T 2. Errors in financial statements. F 3. Adoption of a new principle. T 4. Retrospective application of accounting principle. F 5. Reporting cumulative effect of change in principle. T 6. Disclosure requirements for a change in principle. T 7. Indirect effect of an accounting change. T 8. Retrospective application impracticality. F 9. Reporting changes i...

CHAPTER 3 THE ACCOUNTING INFORMATION SYSTEM IFRS questions are available at the end of this chapter. TRUE/FALSE Description F 1. Recording transactions. T 2. Nominal accounts. F 3. Real (permanent) accounts. F 4. Internal event example. F 5. Liability and stockholders’ equity accounts. F 6. Debits and credits. F 7. Steps in accounting cycle. T 8. Purpose of trial balance. T 9. General journal. F 10. Posting and trial balance. T 11. Adjusting entries for prepayments. T 12. Exam...